Numbers from the Fed today demonstrated the turmoil that swept our ecoomy in the third quarter.
And while some people have tried to compare the status quo to the early 1990s or the 1970s, some of the readings are without precedent.
Overall net mortgage origination fell off a cliff, contracting by over $300 billion on an annualized basis. That means the amount of new loans created fell below the quantity of debt charged off by banks and paid off in the normal amortization process.